Property Ownership
In Vermont, a 'fixture' is personal property that has become so attached to real property that it is legally considered part of the real estate. Which test is typically used to determine if an item is a fixture?
AThe cost of the item
BThe MARIA test: Method of attachment, Adaptability, Relationship of parties, Intention, Agreement✓ Correct
CWhether the item was purchased with the property
DWhether the item is permanently bolted to the floor
Explanation
Vermont courts use various fixture tests, with intent of the parties being paramount. The MARIA acronym helps: Method of attachment (how permanently attached), Adaptability (how adapted to the property), Relationship of parties (buyer/seller vs.
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Key Terms to Know
Listing Agreement
A contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
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